5 Ways Every Business Can Save Money

When it comes to increasing your bottom line, the side of the equation that usually gets the most attention is increasing your sales. However, this process isn't always in your control. One thing that every business owner can do is to cut down on expenses. No matter how small your business, there are always ways that you can save money.

In doing so, you'll be left with more funding to put towards meaningful growth in your company. Many money-saving methods can also save you time, which is another extremely valuable and limited commodity. To help you make the most out of every penny at your disposal, here are five ways every business can save money.

Reduce Your Resource Usage

Consider taking a few simple steps to reduce the amount of resources your business uses, such as replacing older bulbs for LEDs, using Energy Star rated office equipment and taking operations into the digital space to prevent wasting paper. This will not only save you money, but also improve your public image and do the environment a favour in the process.

Focus on Digital Marketing

Gone are the days of spending absurd amounts of money getting your business on radio and television - or for that matter, billboards and flyers. We now have the internet, which offers a plethora of cost-effective advertising methods. In fact, there are many ways that you can market your business on the internet without even spending a cent.

For instance, working on the SEO of your website will help you bring in more converting customers, without spending any money on advertising. You can improve on this by setting up social media profiles, getting your business on listings and review websites, as well as writing content for your blog or even creating YouTube videos related to your business.

Compare Prices

This applies to just about every recurring expense your business pays. There are online quote websites where you can compare prices for internet service providers, insurers and business gas rates. You don't know whether you're being overcharged until you find out. For instance, around 80% of businesses are overpaying for gas.

Switch to Open Source Software

If you haven't already, you should seriously consider taking your business operations into the digital space. This is because business software will help you carry out daily tasks more cheaply and efficiently. You can find software for just about every function, from accounting to presentations to marketing to communication to management and more.

Of course, these applications do often come at a cost, and it's one that can prove too steep for smaller businesses. This is where open source software comes in. It's free to use and in most cases, cloud-based, which makes it even more affordable to run your business on.

Outsource

From office space to insurance to salaries, employees can be costly to keep around. Outsource work to independent contractors on an as-needed basis. You can further save money by negotiating rates and finding lower-charging contractors.

More often than not, saving money is as simple as looking at your monthly statement. Take some time to run through your expenses and follow up on those that you deem too high.